Greencore

Food industry company news

Greencore is an Ireland-based food company. Founded by the Irish Government in 1991 when they privatised Irish Sugar, Greencore is a public company, listed on the London Stock Exchange as GNC. The head office for Greencore is located in Dublin, Ireland.

Food manufacturers are catching some flack for extending payment terms to their suppliers. The growing tension in the supply chain points to the pressure manufacturers are themselves facing in the current trading environment - and their need to free up cash flow in the balance sheet. But, in a charged political atmosphere, manufacturers should tread carefully, Katy Askew suggests.

Over the last twelve months Irish food group Greencore outperformed the overall food market in UK, its largest market, on the back of its exposure to the faster-growth food-to-go segment and expansion in convenience channels.

Kerry Group is reportedly mulling the sale of its frozen food business. The company has seen strong sales and profit momentum at its ingredients unit but endured a lacklustre performance from the consumer foods side of the business. In this context, it makes sense for the Irish company to pare down peripheral and under-performing areas of Kerry Foods. Katy Askew reports.

Chilled ready meals is big business in the UK and it's a business still in growth. But only just about. Last year's horsemeat contamination scandal hit sales of chilled ready meals in the UK and the industry is looking at how to reignite the category. Innovation in packaging and emphasising provenance are being held up as ways to re-boot the sector. Dean Best reports.

Convenience food group Greencore has experienced an eventful few years. The Ireland-based manufacturer was beaten to the acquisition of the UK's Northern Foods. This year, Greencore was caught up in the horsemeat contamination saga that rocked the European food industry. However, the company has continued to expand in the UK and in the US. In part one of the just-food interview, Michelle Russell speaks to chief executive Patrick Coveney about the challenges of operating in a difficult UK market.

UK fish products supplier Icelandic Seachill has confirmed it will close a deli plant in the English seaport town of Grimsby at the end of March 2017 with the loss of up to 86 jobs, after losing three private-label contracts from Marks and Spencer.

UK voters have spoken: Britain will leave the European Union. With the vote tally now reporting 51.9% of people back leaving commentators are turning to the future with uncertainty. What will Brexit mean for the food sector?

Ahead of the climate talks in Paris, Unilever announced plans to be carbon positive from its operations by 2030. Elsewhere, there was more consolidation in the US food sector, with Pinnacle Foods moving for Boulder Brands. Tyson Foods, Post Holdings and Greencore all had annual results out in the week. Maple Leaf Foods outlined plans to "streamline" its business, which is set to lead to the loss of 400 staff. Here is the week in quotes.

The US food sector saw another major takeover this week with Pinnacle Foods agreeing to pay US$975m for free-from group Boulder Brands. The country could soon see another, with Thai Union Group saying there are "serious" buyers lined up for Chicken of the Sea - a business it is willing to sell to secure another US asset, Bumble Bee Foods. And, ahead of the climate change talks in Paris next week, Unilever announced plans for its operations to be "carbon positive" in 15 years.

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Wow. Your correspondent is penning this blog following precious little sleep after the combination of a humid night in London and the emergence of the most significant event in UK history since 1945 made sleep tricky on Thursday night.